Market Overview

ForexLive Americans Wrap: No Wind in the Retail Sales

US Jan retail sales in line with expectations, +0.1%
BOE's King: Hopefully we have concluded question of FX rates for now
US Dec business inventories +0.1% vs +0.2% exp
Bullard says low inflation gives Fed room to act
Treasury's Lew says China currency still undervalued
Canada's fin min says G7 statement not meant to single out Japan
ECB`s Nowotny says doesn't see deflationary pressure due to higher euro
China/Russia working on $30B oil deal
Switzerland imposes higher capital for banks
S&P 500 flat at 1520
AUD leads, GBP lags

The euro was weak in US trading. Cascading stops from 1.3460 through the Asian low of 1.3438 were tripped in a quick move lower. The low on the day was 1.3426 but it recovered to 1.3460 in quiet afternoon trading and ends the day near 1.3445.

Low key trading in USD/JPY as well with the pair sticking near 93.50 after a spike to 93.80 early in Europe.

Cable tumbled after the BOE inflation report. A bounce to 1.5508 was snuffed out as Europe shut down and 1.5523 was the low.

The market was searching for a driving factor but retail sales were so close to expectations that they were a non-event. The market now looks to the BOJ for some volatility.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets Trading Ideas

 

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